Eni sells stakes in pipelines to Fluxys Europe

Eni SPA said it agreed to sell its stakes in German and Swiss pipelines to Fluxys Europe for €850 million as part of a European Union antitrust ruling.

Eni said the sale is part of commitments it made to the European Commission on Sept. 29, 2010, and is subject to its approval. The Italian firms said the sale is expected to be completed by yearend.

Eni last year agreed to sell off three pipelines to settle without a fine an EC probe that concluded it had abused its dominant market position. Had Eni not sold the holdings, it could have faced a penalty of up to 10% of its annual earnings.

Eni sold its holdings in Transitgas for €798 million and its holdings in the Trans Europa Naturgas Pipeline in Germany for €60 million. In June, Eni sold its holding in the Trans Austria Gas pipeline to Italian state lender CDP for €483 million.